Definition from Nolo’s Plain-English Law Dictionary
1) Property that a person acquires after taking on a debt, which becomes additional collateral for the debt. Typically, this occurs when the debtor has signed an agreement pledging all property as security for the debt. 2) Property acquired by a debtor after filing for bankruptcy. 3) Property someone acquires after making a will.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:10 pm